Consent to Let on C&G mortgage

[Scrag Meister]

I contacted C&G recently to ask how I go about getting a consent-to-let on my house in Devon, as we don't use it much now that my kids are growing up, and would be better used as a rental.

They wouldn't give it, period. They only offered for me to apply for Buy-To-Let mortgage at 5-6+%. mad

Push comes to shove think we can pay it off in cash or transfer of capital from our Santander Felxible mortgage within 2.5 years.

Used to be so easy, consent-to-let, certainly sir, £80 please. Job done.

[zharrt]

They probably realised you would be making mroe money from them then they would from you

[BrilloPad]

Try another lender?

Of course those thieving scumbag bankers have to make their money somehow....

[AtW]

Used to be so easy, consent-to-let, certainly sir, £80 please. Job done.

Base rates weren't 0.5% though?

Banks most certainly under pressure to keep lending rates down for house holders, but they are most likely not for BTLs.

It's like railways now - offpeak tickets regulated and actually priced ok-ish (but with ever increasing "peak window"), yet those who have to go for peak time service get totally raped: I had 2 trains from London to Amsterdam doing easily 5 times distance for same price as ticket to London

[MarillionFan]

Don't tell them and hope the tenant doesnt burn your house down.

[geoff from contracta IOM]

I would read the original T's and C's and see what it says about granting consent for letting. Or just rent it out and make sure you insure it as a BTL. Not sure how G & G would ever know ?

[d000hg]

Try another lender?

Of course those thieving scumbag bankers have to make their money somehow....

You're still not going to get anything like the rate he's on now.

We were pleasantly surprised how easy it was to get permission, we also did this after rates dropped to .5% so we feared the worst but they just said "give us £200 a year and it's fine".

[alreadypacked]

I would read the original T's and C's and see what it says about granting consent for letting. Or just rent it out and make sure you insure it as a BTL. Not sure how G & G would ever know ?

A mortgage may entail restrictions on the use or disposal of the property. If one of the restrictions is renting, you are breaking the mortgage contract if you rent.

The reasons behind it may be that tenants can become "sitting-tenants" and reduce the value of the property to less than the value of the mortgage.

[kingcook]

I would read the original T's and C's and see what it says about granting consent for letting. Or just rent it out and make sure you insure it as a BTL. Not sure how G & G would ever know ?

Let's hope OP never has to make a claim and the insurance company deem cover to be invalid because a "proper" BTL mortgage isn't in place

[Martin@AS Financial]

I contacted C&G recently to ask how I go about getting a consent-to-let on my house in Devon, as we don't use it much now that my kids are growing up, and would be better used as a rental.

They wouldn't give it, period. They only offered for me to apply for Buy-To-Let mortgage at 5-6+%. mad

Push comes to shove think we can pay it off in cash or transfer of capital from our Santander Felxible mortgage within 2.5 years.

Used to be so easy, consent-to-let, certainly sir, £80 please. Job done.

Their standard variable rate is currently 2.5% so they will want you off that and onto a BTL product asap. 6% is very strong though. Depending on how much the property is worth, the mortgage outstanding and the rental income is, there are much cheaper options out there.